The growing demand for cloud ERP across the various end-use industries is one of the primary factors which boosts the market’s growth.
PORTLAND, PORTLAND, OR, UNITED STATE, June 2, 2023/EINPresswire.com/ — Allied Market Research published a new report, titled, ” The Cloud-based ERP Market Reach to USD 32,184 Million by 2023 | Top Key Players such as -Aptean, Infor, Syspro and Unit4.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global cloud-based ERP market was valued at USD 13,238 million in 2016, and is expected to reach USD 32,184 million by 2023, growing at a CAGR of 13.6% from 2017 to 2023.
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Rise in applications of cloud-based ERP in manufacturing, government, and retail fields. The Asia-Pacific cloud-based ERP market is expected to grow at the highest rate, followed by LAMEA during the forecast period. Need for transparent and modernized manufacturing processes in diverse industries is expected to drive the growth of cloud-based ERP software in Asia-Pacific.
The cloud-based ERP market is segmented based on component, function, end user, industry vertical, and region. By component, the market is categorized into software and services. Services segment is further studied across professional and managed services. As per function the market is classified into finance, HR, supply chain, and others. Based on end user the market is segmented into large, mid-size, and small organization. Based on industry vertical, it is classified into manufacturing & services, BFSI, healthcare, retail, government, aerospace & defense, IT & telecom, and others. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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The software segment contributed the highest share in 2016. This segment accounted for $8,211 million in 2016 and is projected to grow at the CAGR of 12.8% during the forecast period. The cloud-based ERP market for managed services is projected to grow at the highest rate of 14.8%.Other functions segment generated maximum share of revenue in 2016 and is expected to dominate the market throughput the forecast period at the CAGR of 16.8%. Cloud-based ERP market for finance is expected to witness highest CAGR of 17.7% during the forecast period, followed by retail.
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North America market generated the highest share of revenue in the global cloud-based ERP market in 2016 owing to technological advancements. The key players profiled in the study are Oracle, IBM, Microsoft, SAP SE, Sage Group Plc., Aptean, Epicor Software Corp., Infor, Syspro, Unit4 and others. These players have adopted competitive strategies, such as geographical expansions, mergers & acquisitions, new product launches, and partnerships & collaborations, to augment the growth of the cloud-based ERP market.
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Key findings of the study
• The software segment accounted for the highest share of the global cloud-based ERP industry by component in 2016, growing at a CAGR of 12.8% from 2017 to 2023.
• The professional services segment by services generated the highest revenue share in 2016 and is projected to grow at a rate of 16.8%.
• The North America cloud-based ERP market generated the highest share, valued at USD 5,375 million, in terms of revenue in 2016.
• The cloud-based ERP market in finance is expected to witness growth during the forecast period.
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